The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
"TrendSights Analysis: Ethical Luxury", is part of GlobalData’s TrendSights series and explores how brands can combine premium credentials with responsible and sustainable choices.
Quality-focused consumers are embracing products that they consider to be both ethically virtuous and personally pleasurable - premium products signifying improved sustainability and responsibility. The sense of status acquired through the consumption of responsible products is appealing to consumers in both encouraging premium spend to trade up to these products but also justifying the premium positioning of these offerings.
- 35% of global consumers would be encouraged to purchase premium products if they were environmentally friendly.
- Living responsible lifestyles is becoming more important for today’s consumers, with three quarters globally believing living and ethical/sustainable lifestyle to be important in creating a feeling of wellbeing or wellness.
- To tap into this trend brands need to place sustainability and ethics at the heart of the brand ethos - ensuring that responsibility permeates across all parts of the proposition, from production through to packaging, will ensure authenticity and also product integrity, which can assist in commanding a premium price point.
Reasons To Buy
- Gain insight into the different routes through by which products can align with the Ethical Luxury trend including examples of best-in-class innovation.
- Compare the presence of this trend in each industry across the FMCG space, and learn what the key opportunities are.
- Identify the innovation implications of Ethical Luxury for your sector.